BMGT 110 Chapter Notes - Chapter 1: Nonprofit Organization, Customer Service, Outsourcing

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: Hutchins

Document Summary

Lchapter 1: taking risks and making profits within the dynamic business environment. Success in business is based on constantly adapting to the market. Business- any activity that seeks to provide goods and services to others while operating at a profit. To earn profit, you must provide desired goods, jobs and services to people in the area. Goods- tangible products ex. computers, food, clothing, cars. Services- intangible products ex. education, travel, tourism. Entrepreneur- a person who risks time and money to start and manage a business. Revenue- total amount of money a business takes in during a given period by selling goods and services. Profit- amount of money a business earns above and beyond what it spends for salaries and other expenses to run the operation. Loss- occurs when a business" expenses are more than its revenues. Risk- chance an entrepreneur takes of losing time and money on a business that may not prove profitable.